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Veteran Developer CIM Group Buys Two Cal Plaza - Los Angeles Downtown News - For Everything Downtown L.A.!: News

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Veteran Developer CIM Group Buys Two Cal Plaza

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Posted: Wednesday, February 12, 2014 11:42 am

DOWNTOWN LOS ANGELES — Two California Plaza, a defining office tower of the 1980s Downtown Los Angeles building boom that sagged when its former owner encountered financial trouble, has been sold.

Los Angeles based-CIM Group this morning announced that it has acquired the 52-story edifice at 350 S. Grand Ave. from CW Capital Asset Management. It was part of a seven-asset portfolio that includes properties in California and Maryland.

No price for the purchase was provided in a prepared statement.

CIM has an extensive history in Downtown. The firm brought the Ralphs supermarket to the area in 2007 as part of its Gas Company Lofts. It was also on the cutting edge of the housing boom, opening the condominium project the Flower Street Lofts back in 2003.

Two Cal Plaza had long been owned by Maguire Thomas Properties, and the 52-story steel and glass tower, paired with the neighboring One Cal Plaza, was a beacon for the emerging Bunker Hill. The structure has 1.2 million square feet of office space and 44,000 square feet of retail space. It also shares a food court and the Cal Plaza Watercourt with One Cal Plaza.

The property dipped during the last decade when MPG Office Trust, a successor to Maguire Thomas Properties (after firm founder Robert F. Maguire and James Thomas split), encountered financial troubles. In 2011, MPG defaulted on its $470 million loan on the building. The following year it was placed in receivership and taken over by CW Capital. In March 2012, CW Capital announced plans to invest in the property. At the time the structure was about 80% occupied.

CIM Group was founded in 1994. Among its many other properties are the Hollywood & Highland complex.

Copyright 2014 Los Angeles Downtown News

A previous version of this story incorrectly said the tower had been developed by Maguire Thomas Properties. The firm actually acquired the property later.

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3 comments:

  • James Flaming posted at 3:26 am on Sat, Nov 8, 2014.

    jamesflaming Posts: 2

    Veteran Developer CIM Group can surely buy more tower because the charges charged by Veteran Developer CIM Group for any service is very high. Recently I was planning to make a contractor with Veteran Developer CIM Group for my company tech. support service but the charges was very high. So I prefered Delta Computer Group as they deal in same profession and their charges are quite affordable.[smile]

     
  • Juanito Crandello posted at 11:16 am on Sat, Feb 15, 2014.

    Juanito Posts: 122

    Let's stop for a moment and reflect upon the opening scene of a not so famous movie, which was set a few steps away from Cal Plaza II in the late Seventies. The location was where the large old Moreton Bay Fig had originally grown to large size on the eastern slope of Bunker Hill - between Olive and Clay Street, before it was boxed out and ceremoniously moved and replanted in the plaza of the new housing complex for senior citizens on Hill Street. The film was 'On The Nickel'. The opening scene featured the star of the film sleeping off a hangover at the base of that tree there on the slope of the hill and nothing else remained of what once was. He was the actor Ralph Waite and he was in the process of spending one million dollars of his own money to film and produce the picture. And with that opening shot he was recreating his own past, which had included life on Skid Row and a lot of alcohol and a comeback which was unprecedented in the history of Hollywood. He had been the leading star of TV's The Walton family for most of the Seventies, was involved in outside progressive causes and was soon to be a candidate for Congress. He passed away a few days ago. That tree had been the lone remainder of all that once stood and what grew on Victorian Bunker HIll. Rest in peace, Mister Waite. I think that the tree's original location is now known as Angel's Gate Park.

     
  • Nyal Leslie posted at 4:01 pm on Thu, Feb 13, 2014.

    nyal leslie Posts: 1

    Two California Plaza was not developed by Maguire Thomas Partners. It was developed by Bunker Hill Associates, a partnership comprised of Metropolitan Structures as Managing General Partner and Cadillac Fairview.